AK HB356

Establishes a 30 calendar day deadline for state agencies to pay contractors for satisfactory performance after receiving a compliant payment request.

Requires agencies to pay interest at the rate specified in AS 45.45.010(a) on unpaid amounts beginning on the 31st calendar day after receiving a payment request.

Mandates agencies notify contractors in writing within eight working days if withholding payment, specifying reasons and remedial actions needed; agencies must pay interest if they fail to provide compliant notification.

Requires agencies to pay withheld amounts within 21 calendar days after contractors complete remedial actions, with interest accruing if payment is not made by the deadline.

Requires at least 20 percent of grants to named recipients (that are not municipalities) be paid within 10 days after the grant agreement is effective, with the remainder paid in monthly installments or lump sum as determined by the Department of Commerce, Community, and Economic Development.